Here’s a look at the annual number of NSDCC listings – this year, we are going to exceed 5,000 for the first time in five years:
| Year | |||||
| 2012 | |||||
| 2013 | |||||
| 2014 | |||||
| 2015 | |||||
| 2016 |
Additional inventory is encouraged….up to a point. In 2006, the inventory ballooned to 6,046 listings, which was 9% higher than the previous year’s count. The surge in new listings set buyers back on the their heels, and sales plunged 13% in 2006 compared to 2005.
Will 2017 be the year that the inventory sees a real surge?
A summary of the conditions leading into 2017:
- Highest NSDCC prices ever.
- Highest rates in two years.
- Highest inventory since 2011.
- Highest seller optimism ever (MLP – MSP).
Hopefully the Trump Effect will help buyers keep moving!
The median LP and SP were calculated on those annual listings – some sold/closed the following year.
The housing market is feeling the effects of rising mortgage rates, with pending home sales pulling back to year-lows last month as homebuyers struggled to put purchases in play, according to the National Association of REALTORS® (NAR). NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, dipped 2.5 percent to 107.3 in November, down from 110.0 in October.
“The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election,” says Lawrence Yun, NAR chief economist. “Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract.”
All is not lost, however. Rising mortgage rates, according to Yun, will be balanced by a more robust growth in wages in the next year.
More robust growth in wages!? Like better than 2% increase in wages!?
HA!
Good luck with that under a Trump/Republican administration!
“Good luck with that under a Trump/Republican administration!.”
I think Obama might have a more direct effect on housing prices. If he keeps doing what he’s doing, it could be an historic game-changer.
Imagine beachfront property in San Marcos.
http://www.businessinsider.com/obama-new-sanctions-against-russia-over-hacking-2016-12
Well, in response to the latest developments, Putin posted a likely stolen pic of an angry Obama in his pajamas, so I guess he’s not going to be taking things too seriously into the inauguration.
https://twitter.com/RussianEmbassy/status/814564127230271489
Does NSDCC include La Jolla?
Yes, La Jolla to Carlsbad, which includes about 300,000 people.